Harden130 schreef op 22 december 2021 09:48:
BUZZ-Citi says Mayne Pharma's Nextstellis launch taking longer than expected, cuts PT
** Citi says Mayne Pharma Group's Nextstellis
launch is taking longer than expected, and that its sales will
remain negligible after six months post its launch
** Brokerage cuts PT to A$0.31 from A$0.35, downgrades
rating to 'neutral' from 'buy'
** Nextstellis is an oral contraceptive pill developed by
Belgium-based Mithra Pharmaceuticals , to which Mayne
Pharma has a 20-year exclusive license and supply agreement in
the U.S. and Australia
** MYX said
www.maynepharma.com/media/2710/tga-ap... on Nov. 29 that it expects commercial launch of Nextstellis by
mid-2022
** Citi assumes no sales in 1H FY22 and slower ramp up in
FY22 and FY23; expects Nextstellis to become a positive
contributor to EBIT in FY24 with sales peaking at $100 mln
** Brokerage notes at recent AGM co gave no trading update,
implying that current trading is clearly worse than expected
** Also flags considerable execution risks as MYX ramps up
operational expenditure to support the launch of Nextstellis,
with the associated net loss and cash burn in FY22
** However, Citi still believes Nextstellis remains the
single largest opportunity for MYX, and that its share price
would largely be dependent on the pace of its ramp up and
successful execution of launch